Table of Contents
In our ever-changing workplace the 9 to 5 shift, once considered the de facto for any career, is growing less and less appealing. After all, advances in technology mean that becoming an entrepreneur has never been more accessible. Yet still, the most intimidating factor is that of cash, or rather the lack of funds to start. In this article, we’ll be looking at a business technique designed to sidestep this obstacle known as bootstrapping.
Overview
Pros
It can seem a little like bootstrapping is akin to throwing oneself in the deep end to see if you will sink or swim, and in many ways it is. However, as with all great risks the rewards are often even greater. These rewards are not restricted to just the balance sheet. As a result of bootstrapping, you are more likely to have a smaller team with each member making a clear and valid contribution. There will be no deadweight as you won’t be able to afford to carry them, your staff are going to be reliable, and you will know this firsthand. As a business owner, you will develop a greater understanding of how your company runs by taking an active role in its function. Once additional streams of income are secured, you will be in a better position than most when it comes to managing finances. You will know exactly how money is spent and where best to allocate resources.
Practical considerations
With that, we have bootstrapping in a nutshell. Of course, it is not going to be a viable option for everyone, but it is certainly one worth considering by all. Whether it is your first or your latest startup, find out whether bootstrapping could be the springboard to success for your entrepreneurial goals. Happy researching and good luck!